Fitch Ratings upgrades Tawuniya's outlook

Fitch Ratings has affirmed Tawuniya's (Company for Cooperative Insurance) “A” (strong) financial strength rating and revised its outlook from stable to positive.

The rating agency has also confirmed the company's “AAA (sau)” national rating with a stable outlook.

The revision of the outlook reflects Tawuniya's improving financial performance, strong profitable growth and prudent underwriting policy.

According to Fitch, the Saudi insurer's disciplined pricing should mitigate the risks of stiff competition and support underwriting performance and capital accumulation over the medium term.

The rating also reflects the company's solid profile, strong capitalization and adequate reserves.